PIONEER GLOBAL: Members' Final General Meeting Set for July 18RICHGOOD SHIPPING: Placed Under Voluntary Wind-Up ProceedingsRUPEE NAVIGATION: Creditors' Proofs of Debt Due July 18SEA WILH: Yuen and Pik Step Down as LiquidatorsSKY WINNING: Creditors' Meeting Set for July 8

VALOR COMPUTERIZED: Creditors' Proofs of Debt Due July 15WATERMARK LIMITED: Seng and Lo Step Down as Liquidators

BYTE-TREK TECHNOLOGIES: Court to Hear Wind-Up Petition July 1EMP-DAIWA CAPITAL: Creditors' Proofs of Debt Due July 18JS ENGINEERING: Court to Hear Wind-Up Petition July 1KDMS MANAGEMENT: Creditors Get 4.88% Recovery on ClaimsKVAERNER JOHN: Creditors' Proofs of Debt Due July 18

KVAERNER PTE: Creditors' Proofs of Debt Due July 18ONG NOMINEES: Creditors' Proofs of Debt Due July 17ORIENTAL GLOBAL: Court to Hear Wind-Up Petition July 1PACIFIC KING: Creditors' Meetings Set June 28PARADIZ INVESTMENTS: Creditors' Proofs of Debt Due July 15

SAIZEN REIT: Moody's Upgrades CFR to 'B1'; Outlook Stable

X X X X X X X X

* BOND PRICING: For the Week June 13 to June 17, 2011

- - - - -

=================A U S T R A L I A=================

BLOSSOM ROAD: Workers Protests Over Job Losses, Unpaid Wages------------------------------------------------------------Anne Wright at Herald Sun reports that Blossom Road workers wereexpected to protest in Melbourne's CBD Monday over lost jobs andpay after the company went into liquidation.

Scanlan and Theodore supplier Blossom Road liquidated a month ago,but a day later another business using a different name started upin the same premises and continued supplying Scanlan and Theodore,a union alleged, Herald Sun relates.

The Textile, Clothing and Footwear Union of Australia said 27workers were left jobless and owed "more than half a milliondollars in unpaid wages, annual and long service leave, as well asnotice, redundancy and superannuation entitlements," according toHerald Sun.

Blossom Road Australia Pty Ltd is a supplier to high-end brandScanlan and Theodore.

BURRUP FERTILISERS: Opens Data Room for Shortlisted Bidders-----------------------------------------------------------Reuters reports that receivers for Burrup Fertilisers opened adata room on June 15 for bidders shortlisted to proceed to thenext round of a potential $1.5 billion sale of the debt-ladenammonia producer, sources said.

Reuters relates that the sources familiar with the transactionsaid at least five interested bidders were expected to take aboutsix weeks to conduct due diligence before submitting bindingoffers.

Burrup's 35% owner, Norway's Yara, has the right to match the bestbid for Burrup, Reuters notes.

According to Reuters, binding offers were expected by the end ofJuly, the sources said but noted potential complexitiessurrounding the sale process including legal action by thecompany's founder Pankaj Oswal to try and stop the sale.

About Burrup Fertilisers

Headquartered in Karratha in Western Australia, Burrup FertilisersPty Ltd -- http://www.bfpl.com.au/-- is Australia's largest ammonium producer. The company has a production capacity of 850-tonnes of liquid ammonia a year.

As reported in the Troubled Company Reporter-Asia Pacific onDec. 20, 2010, The Australian said Burrup Fertilisers Pty Ltd hasbeen placed into receivership with debts of about AU$800 million.ANZ Bank appointed PPB Advisory as receivers to BurrupFertilisers. ANZ has also appointed the same receivers, PPBAdvisory, over shares held by members of the Oswal Group inrelated company, Burrup Holdings. ANZ is alleging "evidenceof financial irregularities" as well as the usual default triggersrelating to debt facilities established between 2002 and 2007.

COLORADO: The Williams Receives a Reprieve From Closure-------------------------------------------------------The Queensland Times reports that an Ipswich shoe store appears tohave been given a reprieve, despite earlier reports it would closeas a result of the collapse of clothing company Colorado.

The Williams the Shoemen store at Redbank Plaza was among morethan 100 listed as set to close as a result of the parent companyColorado going into administration, according to The QueenslandTimes. However, the report notes, Redbank Plaza marketing managerAngela Green confirmed the store would remain open.

Receivers Ferrier Hodgson took over Colorado in March this yearwhen owners failed to come to an agreement with the banks, who areowed AU$400 million, The Queensland Times recalls.

================H O N G K O N G================

PIONEER GLOBAL: Members' Final General Meeting Set for July 18--------------------------------------------------------------Members of Pioneer Global Investments (HK) Limited will hold theirfinal general meeting on July 18, 2011, at 11:30 a.m., at 20/F, atPrince's Building, Central, in Hong Kong.

At the meeting, Rainier Hok Chung Lam, the company's liquidator,will give a report on the company's wind-up proceedings andproperty disposal.

RICHGOOD SHIPPING: Placed Under Voluntary Wind-Up Proceedings-------------------------------------------------------------At an extraordinary general meeting held on June 10, 2011,creditors of Richgood Shipping Limited resolved to voluntarilywind up the company's operations.

RUPEE NAVIGATION: Creditors' Proofs of Debt Due July 18-------------------------------------------------------Creditors of Rupee Navigation Company Limited, which is inmembers' voluntary liquidation, are required to file their proofsof debt by July 18, 2011, to be included in the company's dividenddistribution.

SEA WILH: Yuen and Pik Step Down as Liquidators-----------------------------------------------Yeung Betty Yuen and Ho Siu Pik stepped down as liquidators of SeaWilh Limited on June 17, 2011.

SKY WINNING: Creditors' Meeting Set for July 8----------------------------------------------Creditors of Sky Winning International Limited will hold theirmeeting on July 8, 2011, at 10:15 a.m., for the purposes providedfor in Sections 241, 242, 243, 244 and 255A of the CompaniesOrdinance.

The meeting will be held at Unit 1605-6, 16/F., Multifield Plaza,3-7A Prat Avenue, Tsimshatsui, in Kowloon, Hong Kong.

VALOR COMPUTERIZED: Creditors' Proofs of Debt Due July 15---------------------------------------------------------Creditors of Valor Computerized Systems Far East Limited, which isin members' voluntary liquidation, are required to file theirproofs of debt by July 15, 2011, to be included in the company'sdividend distribution.

The ratings factors in the construction and execution risksassociated with ACEL's upcoming power and pellet plants in theState of Gujarat. The total capex to be incurred amounts to aroundINR2bn and would be utilised over FY11 (financial year endedMarch 31, 2011)-FY13.

ACEL has two operational biomass pellet plants of installedcapacities of 18,000 and 30,000 tonnes per annum (tpa),respectively. In addition, the company is into biomass pellettrading internationally, for which it has set up a strongdistribution network and marketing base in Italy.

Fitch notes that the company plans to set up two additional pelletplants of a combined capacity 120,000 tpa, two biomass powerplants of 10 MW each and one solar power plant of 3 MW. It hasstarted construction work at one of its pellet and biomass powerplants, which are scheduled to start operations in June 2011 andJanuary 2012, respectively. The other projects are yet to achievefinancial closure.

A negative rating action may result from any delay in theoperationalisation of ACEL's facilities resulting in cost overrunsand consequently financial leverage of (total adjusteddebt/EBITDA) of above 4.0x. While successful execution anddemonstration of power projects resulting in a sustainedimprovement in leverage to 3.0x would result in a positive ratingaction.

Established in 2009 by Mr. Aditya Handa, ACEL is a subsidiary ofAbellon Energy Limited -- a holding investment company. It isprimarily engaged in the business of clean energy generationthrough focus on bio energy such as bio pellets, bio fuels and biopower. In FY10, its nascent year of operations, the company hadrevenues of INR138.82 million, EBITDA of INR18.54 million and netprofit of INR4.39 million.

CRISIL believes that AF will continue to benefit over the mediumterm from its adequate cash accruals to repay debt, andestablished relations with suppliers and customers in domestic andexport markets and key business partners. The outlook may berevised to 'Positive' if the firm substantially scales up itsoperations, while maintaining its operating profitability andfinancial risk profile. Conversely, the outlook may be revised to'Negative' if the firm's profitability shrinks or its financialrisk profile deteriorates because of a stretch in working capitalrequirements or larger-than-expected debt-funded capitalexpenditure.

About Aggarwal Foods

AF is a sole proprietary concern set up by Mr. Suresh Chand in1997. The firm mills, processes, and sells basmati rice in theexport and domestic market. AF's plant is situated in Karnal(Haryana). Prior to setting up AF, Mr. Suresh Chand was involvedin the family business of rice milling since 1983. Sinceinception, AF has been adding capacities and growing at a moderatepace. Over the past three years, the firm has grown at a fastpace, carrying out two large capital expansions in 2008-09 (refersto financial year, April 1 to March 31) and 2010-11.

AF reported a profit after tax (PAT) of INR2 million on net salesof INR175 million for 2009-10, as against a PAT of INR2 million onnet sales of INR124 million for 2008-09.

AIR INDIA: Unable to Pay May Salary, Incentives-----------------------------------------------The Wall Street Journal's livemint.com reports that Air India Ltdhas not paid May salaries to its 33,000 employees and 7,000 casualworkers. Productivity-linked incentives (PLIs), which constitute50-70% of the salaries, have also not been paid for April.

According to livemint.com, analysts said the non-payment ofsalaries can hurt workers' morale and undermine the state-ownedairline's chances of making operating profit by 2013 and netprofit from 2015 with the help of a proposed financialrestructuring plan.

The Indian Commercial Pilots' Association (Icpa), which went on a10-day strike in early May, is bracing for another round ofagitation against the airline management, livemint.com says. Withirregular and partial salary payments, many employees are findingit difficult to meet their monthly commitments for mortgages andcar loans.

The report notes that the last time airline employees got a hikein their salary was in 2007. With inflation staying over 9% forthe past 15 months, their real income has been erodedsubstantially.

"You are well aware that Air India is passing through a verychallenging and critical phase," chairman and managing directorArvind Jadhav wrote to the airline's employees on Thursday,according to livemint.com. "Increasing debts, mushroominginterest burden, and increasing fuel costs are financiallycrippling the company. It is becoming difficult to sustain ouroperations without cash flows and revenue generation."

Mr. Jadhav has said the airline's difficult financial situationhas led to banks, financial institutions, vendors and suppliersasking for higher costs to cover credit risk.

"Finally, though we tried our best, I am sorry that your salarystatement could not be released on June 8. However, with helpfrom the government, we have got the funds released and yoursalaries would be credited to your accounts soon," wroteMr. Jadhav, without mentioning any date for salary disbursal.

Fuel Payment Moratorium

Meanwhile, livemint.com reports that the civil aviation ministryhas directed oil marketing companies such as Indian Oil Corp. Ltd,Hindustan Petroleum Corp. Ltd and Bharat Petroleum Corp. Ltd tomeet Air India's fuel requirement for the next three months tohelp it operate all its flights.

Air India was forced to curtail several flights because it couldnot afford to pay for buying jet fuel for all its planes, thereport notes.

At a recent meeting between civil aviation minister Vayalar Raviand petroleum minister Jaipal Reddy, livemint.com relates, it wasdecided that Air India will get a three-month moratorium onpayment for fuel.

About Air India

Air India -- http://www.airindia.com/-- transports passengers throughout India and to more than 40 destinations throughout theworld. Affiliate Air India Express operates as a low-farecarrier, mainly between India and destinations in the Middle East,and Air India Cargo provides freight transportation. Thegovernment of India has merged Air India with another state-controlled carrier, Indian Airlines, which has focused on domesticroutes. The combined airline, part of a new holding companycalled National Aviation Company of India, uses the Air Indiabrand. The new Air India and its affiliates have a fleet of morethan 110 aircraft altogether.

* * *

The Troubled Company Reporter-Asia Pacific, citing the HindustanTimes, reported on June 19, 2009, that Air India has been bleedingcash due to excess capacity, lower yield, a drop in passengernumbers, an increase in fuel prices and the effects of the globalslowdown. The carrier incurred net losses of INR2,226.16 crore in2007-08 and INR5,548 crore in 2008-09. Air India is estimated tohave lost INR54 billion in the fiscal year ended March 31, 2010,according to The Wall Street Journal.

The TCR-AP, citing livemint.com, reported on July 27, 2010, thatAir India unveiled a turnaround plan that envisages the airlinereaching operational break-even and wiping out the INR14,000 croreof accumulated losses and INR18,000 crore of debt on its balancesheet by 2014-15. The plan includes raising the company's fleetstrength to as many as 275 planes from 148 in five years. AirIndia Chairman and Managing Director Arvind Jadhav said the new100-page turnaround plan for 2010-14, which ruled out any job cutsor wage reductions, was approved by the board and would be adoptedafter incorporating suggestions by representatives of theairline's 33,500 employees.

The ratings reflect CMIL's weak financial risk profile, marked bya small net worth, a high gearing, and weak debt protectionmetrics, driven by large working capital requirements. The ratingsalso factor in the company's small scale of operations with lowprofitability and customer concentrated revenue profile. Theserating weaknesses are partially offset by the extensive industryexperience of CMIL's promoters and their funding support.

Outlook: Stable

CRISIL believes that CMIL will continue to benefit over the mediumterm from its promoters' extensive industry experience. Theoutlook may be revised to 'Positive' in case of an improvement inCMIL's capital structure, most likely because of better-than-expected cash accruals or equity infusion by the promoters.Conversely, the outlook may be revised to 'Negative' in case ofpressure on CMIL's liquidity, resulting from larger-than-expectedincremental working capital requirements or large, debt-fundedcapital expenditure.

About Continental Milkose

Incorporated in 1992, CMIL sells milk products, malted foodproducts, and cereal-based products. While the company has been inthe milk products segment since its inception, it entered themalted food products segment in 1998-99 (refers to financial year,April 1 to March 31) and cereal-based food products segment in2000-01. CMIL's key customers include the Government of UttarPradesh, Mother Dairy (Kolkata, West Bengal), Ministry of Defence,and the Assam Rifles. CMIL derives most of its revenues from salesto the government sector.

CMIL reported a profit after tax (PAT) of INR4.6 million on netsales of INR1340.0 million for 2009-10, against a PAT ofINR1.8 million on net sales of INR981.0 million for 2008-09.

GEETA THREADS: CRISIL Assigns 'B' Rating to INR55 Million LT Loan-----------------------------------------------------------------CRISIL has assigned its 'B/Stable/P4' ratings to the bankfacilities of Geeta Threads Ltd.

The ratings reflect GTL's weak financial risk profile marked by ahigh gearing resulting from the company's working-capital-intensive operations and recently concluded debt-funded capitalexpenditure (capex) programme. The ratings also factor in GTL'slow pricing flexibility driven by the commodity nature of itsproducts, and susceptibility to volatility in cotton prices. Theserating weaknesses are partially offset by the benefits that thecompany derives from its promoters' established background.

Outlook: Stable

CRISIL believes that GTL will continue to benefit over the mediumterm from its promoters' industry experience and its recentlyenhanced capacity. The outlook may be revised to 'Positive' incase of significant improvement in GTL's financial risk profile,supported by equity infusion, or in case of improvement in thecompany's profitability along with an increase in the scale of itsoperations. Conversely, the outlook may be revised to 'Negative'if GTL's financial risk profile deteriorates significantly becauseof adverse impact of volatility in cotton prices, any changes ingovernment regulations, or any large, debt-funded capex.

About Geeta Threads

GTL, incorporated in 1992 as a closely held public limitedcompany, manufactures open-ended cotton yarn of the counts of 6sto 20s used for blankets and towels. The company has increased itscapacity from 1248 rotors in 2009-10 (refers to financial year,April 1 to March 31) to 1560 rotors in 2010-11. The company ismanaged by Dr. B S Garg and has its manufacturing facility atBarnala (Punjab).

GTL reported a net profit of INR0.67 million on net sales ofINR93.3 million for 2009-10, against a net profit 0.01 million onnet sales of INR130.2 million for 2008-09. The company hasreported provisional net revenues of INR212.9 million for 2010-11.

The rating reflects Gemini's below-average financial risk profilemarked by a small net worth driven by large capital withdrawals bythe partners in the past and moderate gearing and debt protectionmetrics. The rating also factors in Gemini's small scale ofoperations in the intensely competitive leather products industryand customer concentrated revenue profile. These rating weaknessesare partially offset by the benefits that Gemini derives from itspromoters' extensive experience in the leather and leatherproducts industry and its established relationships with itscustomers.

About Gemini Enterprises

Set up in 1987 as a partnership firm by Mr. A. Sekar, Gemini hasbeen manufacturing and exporting leather garments since 1991.During the first four years since its establishment, the firmtraded in finished leather. Subsequently, Gemini set up its firstmanufacturing facility in 1991, with installed capacity of 500finished garments per month. Currently, the firm has fourmanufacturing facilities with installed capacity of 17,000finished garments per month. Gemini derives majority of itsrevenues from export to the European market; it manufacturesleather garments for men, women, and children. Gemini's customersinclude major brands such as Massimo Dutti (part of the Inditexgroup), Hugo Boss UK Ltd, Milestone Sportswear Ltd, and LakelandProperties Ltd. The firm currently operates at 75% capacity andhas a current order book of INR 430 million, which is to beexecuted by September 2011.

Gemini reported a profit after tax (PAT) of INR9.5 million on netsales of INR408 million for 2009-10 (refers to financial year,April 1 to March 31), against a PAT of INR7.3 million on net salesof INR299 million for 2008-09.

The rating reflects Grand Auto's weak financial risk profilemarked by a levered capital structure, modest networth and weakdebt protection metrics and its exposure to risks related to lowbargaining power with principal and intense competition inautomotive dealership market. These weaknesses are partiallyoffset by Grand Auto's established position in the Automobilemarket and diversified product portfolio which imparts stabilityto revenues.

Outlook: Stable

CRISIL believes that Grand Auto Udyog Private Limited willmaintain a moderate business risk profile over the medium termbacked by its established relationship with its principals,Piaggio and Yamaha, and the promoters' industry experience. Theoutlook may be revised to 'Positive' if GAPL's scales up itsoperations while maintaining its capital structure and debtprotection metrics. Conversely, the outlook may be revised to'Negative' if there is significant decline in the volumes oroperating margin, or if there is any significant deterioration inits debt protection metrics.

About Grand Auto

Grand Auto Udyog Private Limited, incorporated in 1986 is anauthorized dealer of vehicles and spare parts of Piaggio VehiclesPrivate Limited and Yamaha Motor India Private Limited. It is thesole dealer for Piaggio and Yamaha in Cuttack. It also deals inlubricants, tyres and batteries used in automobiles. The companyis the sole distributor of lubricants for Castrol India Limitedand Total Fina Elf India for the six districts of coastal Orissa.

At present, the company has three operational showrooms located atCuttack in Orissa. One showroom is exclusively for Yamaha, thesecond one for Piaggio and the third one for selling thelubricants, tyres and batteries. The company also has twoworkshop-cum-service stations each located adjacent to the twoshowrooms for Yamaha and Piaggio respectively. The area for theshowroom cum workshop of Piaggio is a leased facility with an areaof ~7000 sq. The area for the showroom cum workshop of Yamaha isan owned facility with an area of ~4300 sq ft. For the tyreshowroom the company has leased a 2500 sq ft facility. Otherdealerships (lubricant, battery etc) are sold through smallerleased outlets.

For 2009-10 (refers to financial year, April 1 to March 31), GrandAuto reported a profit after tax (PAT) of INR2.3 million on netsales of INR232.7 million, against a PAT of INR1.6 million on netsales of INR176.2 million for 2008-09.

The ratings reflect the group's weak financial risk profile,marked by small net worth, high gearing, and weak debt protectionmetrics, large working capital requirements, small scale ofoperations and low profitability. These rating weaknesses arepartially offset by the extensive experience of the group'spromoters in the edible oil trading business.

For arriving at the ratings, CRISIL has combined the business andfinancial risk profiles of HMOPL and G I Industries Pvt Ltd. Thisis because the two companies, collectively referred to as theGoyal group, have common management, operational fungibility withcommon suppliers and customers, and significant financialfungibility as the companies extend support to each other,whenever necessary.

Outlook: Stable

CRISIL believes that the financial risk profile of the Goyal groupwill remain weak over the medium term because of its small networth, high gearing, and large working capital requirements. Theoutlook may be revised to 'Positive' if there is significantimprovement in the group's capital structure. Conversely, theoutlook may be revised to 'Negative' in case the group's capitalstructure deteriorates or if there are pressures on its revenue orprofitability.

HMOPL trades in crude palm oil (CPO), an activity that contributesaround 80% to its revenues; trading in non-edible oil and palm fatdistillate contributes the remainder of its revenues. The companywas non-operational till 2009-10. In October 2010, it acquired M/sGoyal Traders, which was in this line of business. Mr. DeepakGoyal and Mr. Rahul Goyal, sons of Mr. Bishnu Kumar are thedirectors of the company, while the operations are managed bytheir father.

GIIPL was incorporated in 1975 as a partnership firm by threebrothers - Mr. Surinder Pal, Mr. Bishnu Kumar, and Mr. Kamal Kumar;it was reconstituted as a private limited company in July 2010.GIIPL trades in edible oil, mainly CPO and mustard oil. Thecompany also trades in small quantities of spices, salt, and otherproducts that account for about 1% of its total sales. The companyimports CPO mainly from Singapore and makes high sea sales. Italso undertakes crushing of mustard seeds through its two units inBathinda (Punjab). In December 2010, GIIPL started processingcattle feed.

The Goyal group reported a profit after tax (PAT) of INR2.6million on net sales of INR887 million for 2009-10, as against aPAT of INR1.6 million on net sales of INR419 million for 2008-09.

KLT AUTOMOTIVE: Fitch Upgrades National Rating to 'BB+(ind)'------------------------------------------------------------Fitch Ratings has upgraded India-based KLT Automotive & TubularProducts Limited's National Long-Term rating to 'BB+(ind)' from'BB(ind)'. The Outlook is Stable. The agency has also taken theserating actions on KLT's debt facilities:

-- INR1.02bn non-fund based working capital facilities: affirmed at 'F4 (ind)'; and

-- Adhoc INR100m working capital limits: affirmed at 'F4 (ind)'.

The upgrade reflects the improvement in KLT's liquidity positionpost its debt restructuring in FY10 (financial year ended March31, 2010) and the expected improvement in its financial profilewith the completion of its capex plans in FY12. Fitch notes thatKLT's working capital cycle marginally improved in FY11, and itsliquidity has been aided by tie-up of additional long-term workingcapital debt.

KLT's capex plans of setting up three new chassis capacities (twoin India and one in South Africa) are close to completion,significantly reducing the execution risk. The company expectsbenefits from these capacities to accrue from Q2FY12, which willfurther aid its liquidity. Fitch notes that the stabilisation ofKLT's new capacities and scaling up of its operations in line withits expectations are likely to improve its financial profile inFY12. The ratings continue to benefit from KLT's establishedposition a niche manufacturer and supplier of chassis frames.

The ratings are however constrained by KLT's high debt levels,driven by its ongoing capex and working capital intensity. Thehigh debt levels resulted in high net financial leverage levels(net debt/operating EBITDA) of 5.4x in FY10. Fitch estimates thenet leverage to remain above 5x in FY11, however, expects it toimprove to below 5x in FY12 once benefits from the new capex startaccruing.

Positive rating guidelines include timely operationalisation ofand accrual of benefits from KLT's new capacities, resulting in asustained improvement in its net financial leverage to below 4x.However, any delays in the accrual of benefits from the newcapacities, resulting in net leverage of above 5x in FY12, or adeterioration in its liquidity will result in a rating downgrade.

As per KLT's FY11 unaudited, provisional figures, its revenuesgrew by 34.1% yoy to INR4.9bn and profitability (EBITDA margin)improved to 16.7% (FY10:15.2%).

KOPRAN LTD: CRISIL Cuts Rating on INR130MM Cash Credit to 'C'-------------------------------------------------------------CRISIL has downgraded its rating on Kopran Ltd's long-term bankfacilities to 'C' from 'B-/Stable', while reaffirming the ratingon its short-term facility at 'P4'.

The downgrade reflects the delay by Kopran in redeeming thepreference shares held by Canara Bank (rated AAA/Stable/P1+ byCRISIL) and Bajaj Auto Limited (Bajaj Auto; ratedAAA/FAAA/Stable/P1+' by CRISIL). Kopran had issued non-convertible, cumulative redeemable preference shares of INR85.8million. INR25 million of these preference shares are held byCanara Bank and Bajaj Auto, while the remainder is held bypromoters. The preference shares were issued several years ago.The company has not redeemed its preference debt on account ofaccumulated losses.

The ratings reflect Kopran's history of heavy losses and pastinstances of delay in servicing its debt, and its large workingcapital requirements. These weaknesses are mitigated by theindustry experience of Kopran's promoters, its healthy net worth,and modest gearing.

About Kopran Ltd

Incorporated in 1958, Kopran manufactures bulk drugs andformulations at its facilities in Mahad and Khopoli (both inMaharashtra). The company's wholly owned subsidiary, KopranResearch Laboratories Ltd, is into pharmaceutical research. Kopranis part of the Parijat group of companies, promoted by the Somanifamily of Mumbai, and is managed by Mr. Surendra Somani, its vicechairman.

For 2010-11 (refers to financial year, April 1 to March 31),Kopran provisionally reported a profit after tax (PAT) of INR53.7million on net sales of INR1.95 billion, against a PAT of INR99.7million on net sales of INR1.64 billion for 2009-10.

MINSA CAPITAL: Fitch Downgrades National Rating to 'B+(ind)'------------------------------------------------------------Fitch Ratings has downgraded India-based Minda Capital Limited'sNational Long-Term rating to 'B+(ind)' from 'BB(ind)'. The Outlookis Stable. The agency has also downgraded the ratings on MCL'soutstanding INR183.3 million term loans as at March 31, 2011(reduced from INR252.7 million) to 'B+(ind)' from 'BB(ind)'.

The downgrades reflect MCL's weakening linkages with some of itsgroup companies that resulted in diminished revenue streams by wayof decreasing dividends and termination of royalty income. Fitchnotes that this would result in deterioration of the company'scredit profile over the short-to-medium term. The weakening inlinkages is attributed to MCL's sale of its entire stake in MindaCorporation Limited (MindaCorp, 'BBB(ind)'/Stable), the flagshipcorporation of the Ashok Minda Group (AMG), to third parties.Besides, MCL has also sold its complete stake in other operatingcompanies to MindaCorp and other AMG companies.

The ratings continue to reflect the stability of MCL's revenuesoffered by its lease agreements with AMG companies, high operatingand net margins, and occasional financial support provided by itspromoters (founders, 79% stake). Fitch believes the business andfinancial support MCL derives from its lease agreements with theAMG companies would lend some stability to its cash flows.

The ratings are constrained by the limited scale and size of MCL'srevenues, high leverage over the past few years and the limiteddividend paying track record of investee companies. MCL'sfinancial leverage (total adjusted debt net of cash/operatingEBITDAR) has remained high, primarily on account of itsinvestments in real estate and subsidiary/JV companies for AMG'sexpansion purposes. Its real estate investments involveconstruction of factory buildings for leasing to AMG companies.Fitch notes that a significant majority of these companies are ininitial stages of operations without much contribution to MCL'srevenues, and that most of MCL's portfolio is not readilymonetisable.

Negative rating guideline would include a deterioration in MCL'sinterest coverage due to a decline in its operating profits.Conversely, a sustained improvement in its interest coverage couldhave a positive impact on ratings.

MCL is part of the AMG, and handles the expansion plans of thegroup. The company owns certain real estate assets which have beenleased out to the group companies. According to its FY11provisional results, its revenue was INR121m, down 2.4% yoy, andEBITDAR was INR114.9m (FY10: INR108.4m). Its financial leverage isquite high due to corporate guarantees furnished to the banks onbehalf of investee companies. However, the company's leverageimproved to 12.5x in FY11 (FY10: 13.4x) due to improvedprofitability.

The rating reflects NCPL's susceptibility to risks related toproject completion and cyclicality in the Indian real estateindustry, and revenue concentration in a single project. Theserating weaknesses are partially offset by the extensive experienceof NCPL's promoters in the real estate segment and proven projectcompletion capabilities.

Outlook: Stable

CRISIL believes that NCPL will continue to benefit over the mediumterm from its promoters' extensive industry experience and thesteady demand for residential real estate projects in Durgapur(West Bengal). The outlook may be revised to 'Positive' if thecompany generates more-than-expected cash flows, resulting fromthe completion of its project and receipt of advances ahead ofschedule, and higher-than-expected sales realizations from itsDurgapur Residency PH-3 project. Conversely, the outlook may berevised to 'Negative' in case of delays in project completion orreceipt of payments from customers, or the company is unable tosell Durgapur Residency PH-3 completely, at profitable rates, orthe company's financial risk profile weakens because of larger-than-expected debt-funded capital expenditure.

About Nadia Constructions

NCPL was set up in March 2008 by Mr. Saurav Saha, Mrs. Nadia Saha,and Mr. Somnath Paul. The company is into real estate developmentin Durgapur and Kolkata (West Bengal). Mr. Saha is an advocate atthe Kolkata High Court. The company has constructed a residentialbuilding, Durgapur Residency: PH-1 and PH-2, comprising 30 flatsat Durgapur in 2009-10 (refers to financial year, April 1 toMarch 31). NCPL is also constructing another residential complex,Durgapur Residency - PH-3 at Benachity, with 12 blocks comprisingof 230 flats.

NCPL reported a profit after tax (PAT) of INR1 million on netsales of INR32 million for 2009-10.

CRISIL believes that Palak will continue to benefit over themedium term from its established relations with its suppliers andcustomers. The outlook may be revised to 'Positive' if Palak cansustain its revenue growth and improve its net worth. Conversely,the outlook may be revised to 'Negative' if the company's cashaccruals decrease significantly or if Palak contracts a largequantum of debt for the opening of its retail outlets.

About Palak Jewellers

Set up in 2006 by Mr. Nilesh Daga and his brother Mr. ShaileshDaga, Palak is a wholesale trader of gold ornaments and leadingdistributor for the Coimbatore (Tamil Nadu)-based Emerald JewelIndustry India Pvt Ltd (Emerald). Palak procures Bureau of IndianStandards-hallmarked gold ornaments from Emerald, and caters toclients across India. Palak largely sells 22-carat gold ornamentsand operates through its office in Mumbai (Maharashtra). It plansto set up retail outlets for gold jewellery over the near term.

Palak reported a provisional profit after tax (PAT) of INR37.57million on net sales of INR1.47 billion for 2010-11 (refers tofinancial year, April 1 to March 31), against a PAT of INR11.09million on net sales of INR747.03 million for 2009-10.

CRISIL believes that PTPL will continue to benefit over the mediumterm from its established relationships with its customers such asBharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam Ltd.However, PTPL's financial risk profile is expected to remainconstrained by a high gearing and weak debt protection metrics,driven by large working capital requirements and moderateprofitability, during this period. The outlook may be revised to'Positive' if PTPL manages to successfully scale up its operationwhile maintaining adequate profitability, supported by new ordersfrom BSNL/MTNL and adequate market acceptability of its new light-emitting diode (LED) bulbs. Conversely, the outlook may be revisedto 'Negative' in case the company undertakes a large, debt-fundedcapital expenditure, further deteriorating its weak financial riskprofile.

Update

PRPL's performance, being directly linked to the governmenttenders, has been much lower than CRISIL's expectations. Due tothe lack of new tenders from BSNL and MTNL, the company's salesplummeted to around INR110 million in 2010-11 (refers to financialyear, April 1 to March 31) as against the previous years' sales ofINR275 million. With BSNL floating its new tender for 2.5 milliontelecom equipment (estimated cost of around INR1 billion) in April2011, CRISIL believes that the company will improve its operationsin 2011-12. Furthermore, in order to diversify its revenueprofile, PTPL has entered into manufacturing of LED bulbs in thecurrent year. The company has developed a new variety of LED bulbsin collaboration with a US-based company Cree Inc (Cree). CRISILbelieves that market acceptability of these LED bulbs will be keyrating sensitivity factor.

For 2009-10, PTPL reported a profit after tax (PAT) of INR8.7million on net sales of INR274.7 million against a PAT of INR5.1million on net sales of INR440 million for 2008-09.

About Pramod Telecom

PTPL, set up in 2000 as a partnership firm by Mr. Praveen Chandra,was reconstituted as a private limited company in 2001. Itmanufactures telecom equipment such as electronic push buttontelephones, caller ID phones, energy efficient products, and solarmodules and products. The company has capacity to manufacture 2.4million instruments per annum at its facility in Lucknow (UttarPradesh). PTPL has recently begun manufacturing LED bulbs; itsresearch and development team has developed a new variety of LEDbulbs in collaboration with Cree.

CRISIL believes that POSIPL's financial risk profile, particularlyliquidity, will remain weak over the medium term because of itslarge working capital requirements. However, the company willcontinue to benefit from its promoters' extensive experience inthe industry. The outlook may be revised to 'Positive' in case ofan improvement in liquidity, driven by increase in cash accrualsor fresh equity infusion. Conversely, the outlook may be revisedto 'Negative' in case of increase in pressure on net cash accrualsor deterioration in working capital management.

Update

POSIPL's revenues for 2010-11 (refers to financial year, April 1to March 31) are estimated to increase by 35% (year-on-year) toaround INR450 million. Its order book of INR270 million as onMarch 2011 provides healthy revenue visibility. Operating marginremained stable at around 8.5% in 2010-11 and is expected toremain at the same level over the medium term. However, thecompany's operations remain working capital intensive, with banklimit utilization of more than 88% on an average over the 12months ended March 31, 2011; the company continues to resort toad-hoc limits. Its net worth is estimated to remain small ataround INR50 million as on March 31, 2011, resulting in a highratio of total outside liabilities to tangible net-worth of around3.7 times as on the same date.

POSIPL, on provisional basis, reported a profit after tax (PAT) ofINR16 million on net sales of INR450 million for 2010-11, againsta PAT of INR9 million on net sales of INR333 million for 2009-10.

About Precision Operations

Set up in 1989 by Mr. Rajkumar Pandeyand and Mr. Kirit ManilalNanani, POSIPL trades in security equipment. The company has beenapproved by the Ministry of Defence (MoD) for selling securityequipment to MoD, the Ministry of Home Affairs, policedepartments, and paramilitary forces. POSIPL buys a majority ofits products from Russia, and is the sole distributor for some ofits suppliers in India.

CRISIL believes that R M Dasa will maintain its regional marketposition and its above-average financial risk profile, over themedium term; the company's order book is expected to remainhealthy over the same period. The outlook may be revised to'Positive' if R M Dasa reports more-than-expected increase inrevenues, geographically diversifies its revenue profile, orincreases its net worth through equity infusion. Conversely, theoutlook may be revised to 'Negative' if the company faces delaysin its ongoing projects or its margins decline sharply because ofintensifying competition.

Update

R M Dasa is expected to report a 5-per-cent decline in itsrevenues for 2010-11 (refers to financial year, April 1 toMarch 31), to INR172.6 million. The decline has been caused bydelays in execution of projects caused by change in the scope ofprojects and delays in acquiring the requisite land clearancesfrom government authorities. Its operating margin, however,estimated at 7.2%, is higher than CRISIL's expectation of 6.5%.The increase in its margin can be attributed, primarily, to costescalation clauses that the company has built into contracts itenters into. Thus, the company has been able to pass on the costincrease in bitumen and other raw material prices to its customersand maintain its operating margin. Also, R M Dasa had a verycomfortable order book of INR220 million as on May 2011, around1.3 times its sales in 2010-11. The company's gearing, estimatedat 0.54 times for 2010-11, was marginally higher than CRISIL'sexpectations; the increase in gearing was primarily due to R MDasa's debt-funded capital expenditure programme and due to lowerprofits because of which the accretion to reserves was lower, thusleading to smaller net worth and hence, to high gearing.

R M Dasa is expected to report a profit after tax (PAT) of INR3.8million on net sales of INR171.2 million for 2010-11, as against aPAT of INR4.2 million on net sales of INR182.5 million for2009-10.

About R M Dasa

R M Dasa was set up as a partnership firm in 1992 and wasreconstituted as a private limited company in 2003. The company ispromoted by the Dasa family of Junagadh (Gujarat) and is aregistered Class 'AA' contractor approved by the Government ofGujarat. The company is into civil construction works andundertakes construction and maintenance of roads and highways forgovernment agencies. The company intends to reduce its dependenceon roads projects and has, therefore, taken up governmentcontracts to build affordable housing colonies in Junagadh.

RUBBER PRODUCTS: CRISIL Assigns 'B' Rating to INR30MM Cash Credit-----------------------------------------------------------------CRISIL has assigned its 'B/Stable/P4' ratings to the bankfacilities of The Rubber Products Ltd.

CRISIL believes that RPL's credit risk profile will remainconstrained by its large working capital requirements and weakdebt protection metrics, over the medium term. The outlook may berevised to 'Positive' if the company scales up its operations,while strengthening its capital structure and debt protectionmetrics. Conversely, the outlook may be revised to 'Negative' incase RPL's financial risk profile deteriorates, led by a declinein revenues or profitability or there is any further stretch inreceivables.

About Rubber Products

Set up by the late Mr. Narayan Shetty in 1966, RPL wasreconstituted as a public listed company in 1989. In 2006, thelate Mr. Sadanand Shetty (friend of Mr. Narayan Shetty) took overa majority shareholding in the company. Mr. Sadanand Shetty wasalso founder and chairman of Fouress Group, which manufacturesindustrial components and valves.

RPL reported a loss of INR0.1 million on net sales of INR173million for 2009-10 (refers to financial year, April 1 toMarch 31), as against a PAT of INR1.1 million on net sales ofINR184 million for 2008-09. `

CRISIL believes that SHPL's constrained financial flexibility, andlow accruals because of its short track record, will continue tohamper the company's ability to service its debt over the shortterm. The rating may be downgraded if SHPL is unable to serviceits debt in a timely manner, and defaults on its obligations.Conversely, the outlook may be revised to 'Stable' if SHPL getsits debt rescheduled or if the promoters infuse additional fundsin a timely manner to support the servicing of its debt.

About Sanya Hospitality

SHPL was incorporated in 2007 as a project company to acquire andimplement a hotel project. In July 2009, it acquired a 198-room,four-star hotel, Marriott Courtyard, located at Sushant Lokintegrated township in Gurgaon (Haryana), from Unitech Ltd. Thehotel became operational in December 2009. The total cost of theproject is INR2.80 billion, which was funded in a debt-to-equityratio of 1.4:1. The hotel is currently being managed by Marriottunder the brand, Marriott Courtyard.

For 2010-11 (refers to financial year, April 1 to March 31),SHPL's loss and revenues are estimated at INR343.0 million andINR515.3 million respectively; the company reported a loss ofINR73.6 million on revenues of INR90.3 million for the previousyear.

CRISIL believes that SNC Jewels Pvt Ltd (SNC Jewels) will maintainits healthy financial risk profile over the medium term, supportedby steady cash accruals. However, the company's business riskprofile is expected to remain constrained by high customerconcentration. The outlook may be revised to 'Positive' in case ofa significant increase in SNC Jewels' scale of operations andincreased diversification in its geographic or customer profile.Conversely, the outlook may be revised to 'Negative' if SNCJewels' profitability declines significantly, thereby adverselyaffecting its cash accruals, or if its capital structure weakensbecause of a stretch in its working capital cycle or a larger-than-expected debt-funded capital expenditure.

About SNC Jewels

SNC Jewels was established in 2002 by Mr. Amish R Jhaveri and Mr.Aditya V Choksi for exporting diamond-studded gold jewellery. TheJhaveri family's 70% ownership in SNC Jewels was purchased by theChoksi and the Sagar families in April 2010. The Choksi and Sagarfamilies have been in the business of gems and jewellery for overthree decades. The company caters mainly to the US gems andjewellery market.

SNC Jewels reported, on provisional basis, a profit after tax(PAT) of INR42 million on net sales of INR670 million for 2010-11(refers to financial year, April 1 to March 31); the companyreported a PAT of INR24 million on net sales of INR573 million for2009-10.

The ratings reflect TIPL's below-average financial risk profile,marked by high total outside liabilities to tangible net worth,small net worth, and modest debt protection indicators, and itsexposure to high debtor and inventory risks. These weaknesses arepartially offset by the experience of TIPL's promoters in thetrading business.

Outlook: Stable

CRISIL believes that TIPL's financial risk profile will remainconstrained over the medium term by its low profitability andlarge working capital requirements. The outlook may be revised to'Positive' if the company's profitability and turnover increasesignificantly or if its financial risk profile improves on accountof fresh equity infusion by promoters and improvement inreceivables management. Conversely, the outlook may be revised to'Negative' if the company's financial risk profile deterioratesdue to a significant increase in working capital requirements,primarily on account of further stretching of receivables.

About Taher Impex

TIPL was established in 1984 as a partnership firm named 'Taher &Co' and subsequently was incorporated as private limited companyin 2003. The company trades in foam sheets, and woven and non-woven textile fabrics, including polyurethane and expandedpolyethylene foam sheets, and polyvinyl-chloride-coated and dyeddenim fabrics.

TIPL is estimated to have reported a profit after tax (PAT) ofINR5.6 million on net sales of INR554.1 million for 2010-11(refers to financial year, April 1 to March 31), as against areported PAT of INR3.6 million on net sales of INR551.8 millionfor 2009-10.

=========J A P A N=========

J-CORE 14: Moody's Reviews Loan Ratings For Possible Downgrade--------------------------------------------------------------Moody's Japan K.K has placed nine classes of J-CORE 14 TrustCertificates and asset-backed loans under review for possibledowngrade. The final maturity will take place in November 2014.

Deal Name: J-CORE14 Trust

Class A Trust Certificate and Class A Loan, Aa3 (sf) placed under review for possible downgrade; previously, on June 30, 2010, downgraded to Aa3 (sf) from Aaa (sf)

The collateral is a full-service hotel in Tokyo. Dividenddistributions and interest on the rated Trust Certificates andLoans will be paid out of the rental income from the asset.

If an event of default occurs, the property will be sold and theproceeds will be used to pay down the principal.

Moody's considers it highly likely that the property'sprofitability -- which had recovered in 2010 -- will fall againbelow Moody's assumptions, given the decline in performance sinceMarch, 2011. Thus, in its review, Moody's will re-assess itsestimates for net cash flow and property value.

Moody's also plans to interview the asset manager on its operatingand refinancing strategies, as well as its disposal efforts, inlight of the specified bond's expected maturity in 2012.

The principal methodology used in this rating was "Updated:Moody's Approach to Rating CMBS Transactions in Japan" (June 2010)published on September 30, 2010, and available onwww.moodys.co.jp.

J-CREM 2: Moody's Changes Ratings of Class A to F Certificates--------------------------------------------------------------Moody's Japan K.K has changed the ratings for the Class A throughF and X trust certificates issued by J-CREM2 Trust.

J-CREM 2 Trust, effected in August 2007, represents thesecuritization of a specified bond.

The originator entrusted the specified bond to the asset trustee,and received the Class A through F and X trust certificates, whichit then sold through the arranger to investors. The trustcertificates are rated by Moody's.

In this transaction, the dividends on the trust certificates arederived from interest payments on the specified bond backed bycash flows from the underlying property.

RATING RATIONALE

The current rating action reflects the following factors:

J-CREM 2 is a single-borrower/single-asset deal. The loan isbacked by a large hotel in Urayasu City, Chiba Prefecture. Becauseof the March 11 earthquake, the hotel and nearby facilitiestemporarily suspended their operations.

The nearby facilities and hotel re-started their operations sinceApril. Although the major indices -- the occupancy rate and ADR -still remain at low levels, they are expected to recover from thesummer vacation season till the end of year which is the hotel'speak season.

The operational revenues of the hotel have been declining for afew years but showed some improvements last year up to the time ofthe quake. Moody's had estimated that the revenues, mainly fromthe performance of core departments -- rooms, restaurant, weddingand banquet -- would improve due to the rebound in economicfundamentals after the financial crisis as well as by attractingvisitors to events scheduled in the nearby facilities. Moody'sstabilized net cash flow was based on the improving operationalrevenues as a main scenario reflected in the previous ratingaction in 2010.

However, the profitability of the hotel has been severely hit bythe drastic drops in revenue of each department of the hotel suchas rooms, banquet, and restaurants, and it is likely that theexpected level of the operational revenue will be lower that ofMoody's main scenario. As a result, Moody's has re-assessed itsstabilized net cash flow -- showing that it declined byapproximately 34% compared with its initial assumption.

Additionally, Moody's has re-assessed its recovery assumptionshowing that it declined by approximately 45% compared with itsinitial assumption. Moody's continues to consider the facts --that the signed agreement between the property trustee and thehotel operator/the master lessee is to receive both fixed andincentive rent income as well as the property's scarcity value.Moody's has also taken into consideration the high volatility riskof the hotel's operating cash flow when re-assessing its newrecovery assumptions.

Finally, Moody's has also considered the level of cash reservesallocated to pay down the principal payments as well as itsrecovery assumptions when deciding its ratings.

Moody's will continue to monitor the performance of the underlyingproperty.

The principal methodology used in this rating was "Updated:Moody's Approach to Rating CMBS Transactions in Japan" (June 2010)published on Sept. 30, 2010, and available on www.moodys.co.jp.

Moody's did not receive or take into account any third party duediligence reports on the underlying assets or financialinstruments related to the monitoring of this transaction in thepast six months.

L-JAC 4: Moody's Changes Ratings of Class A-2 through G-3 Bonds---------------------------------------------------------------Moody's Japan K.K has changed the ratings for the Class A-2through G-3 Bonds issued by L-JAC 4 Funding and Class X-1/X-2Trust Certificates. The final maturity of the Trust Certificateswill take place in May 2015.

L-JAC 4 Funding, issued in May 2007, represents the securitizationof three Trust Certificates backed by three loans ("loan").

Entrustor entrusted three Loan Receivables to the Trustee and inturn will receive Trust Certificates L-1 through L-3 and X-1 andX-2. It then transferred the Trust Certificates to the Issuer SPE,which issued the Class A-1 through G-3 Bonds backed by the subjectTrust Certificates. The Bonds, Class X-1 and X-2 TrustCertificates are rated by Moody's.

The rated Bonds are classified into three groups -- L-1 Bonds, L-2Bonds and L-3 Bonds -- in which the source of principal andinterest payments correspond to the three respective underlyingloans, Loan L-1, Loan L-2 and Loan L-3.

The redemptions of L-1 Bonds, L-2 Bonds and L-3 Bonds respectivelycorrespond to those of the Trust Certificate L-1, TrustCertificate L-2 and Trust Certificate L-3. However, note thatClass A-2, B-2 and C-2 Bonds belong to both L-2 and L-3 groups,and thus are repaid using redemptions made on both the L-2 TrustCertificate and L-3 Trust Certificate, based on preset redemptionallocation amounts. Cash flows from the Trust Certificates areallocated only to their corresponding groups and therefore are notsummed up at the bond level.

RATING RATIONALE

The current rating action reflects the following factors:

Currently, L-JAC 4 became a single-borrower/single-asset deal. Theloan is backed by a large hotel in Urayasu City, Chiba Prefecture.Because of the March 11 earthquake, the hotel and nearbyfacilities had suspended their operations temporarily.

The nearby facilities and the hotel have re-started theiroperations since April. Although the major indices -- theoccupancy rate and ADR - still remain at low levels, they areexpected to recover from the summer vacation season till the endof year which is the hotel's peak season.

The operational revenues of the hotel have been declining for afew years prior to the quake; however, Moody's had estimated thatthe revenues mainly from the performance of core departments --rooms, wedding and banquet -- would improve due to the rebound ineconomic fundamentals after the financial crisis as well as byattracting visitors to events scheduled in the nearby facilities.Moody's stabilized net cash flow was based on the improvingoperational revenues as a main scenario reflected in the previousrating action in 2010.

However, the profitability of the hotel has been severely hit bythe drastic drops in revenues of each department of the hotel suchas rooms, banquet, and restaurants, and it is likely that theexpected level of the operational revenue will be lower that ofMoody's main scenario. As a result, Moody's has re-assessed itsstabilized net cash flow -- showing that it declined by 41%compared with its initial assumption.

Additionally, Moody's re-assessed its recovery assumption showingthat it declined by 48% compared with its initial assumption.Moody's continues to consider the property's scarcity value, whendeciding its new recovery assumptions. Finally, Moody's has alsotaken into consideration the continuity of immediate principal andinterest payments using liquidity reserve as well as its recoveryassumptions when deciding its ratings.

The principal methodology used in this rating was "Updated:Moody's Approach to Rating CMBS Transactions in Japan" (June 2010)published on Sept. 30, 2010, and available on www.moodys.co.jp.

Moody's did not receive or take into account any third party duediligence reports on the underlying assets or financialinstruments related to the monitoring of this transaction in thepast six months.

The L-JAC 8 Trust, effected in March 2008, represents thesecuritization of two loans backed by real estate.

The originator entrusted the loans to the asset trustee, andreceived the Class A through K and X trust certificates, which itthen sold through the arranger to investors.

The trust certificates are rated by Moody's.

In this transaction, the interest and principal payments from anydefaulting underlying loans are made sequentially.

One loan, which had been placed under special servicing in July2009, was paid down in March 2010, although losses were incurred.

The transaction is currently secured by the second loan (backed bya retail property outside Tokyo), which has also been underspecial servicing since December 2010.

RATING RATIONALE

Because of the disposal of the remaining second loan, the Class Btrust certificates will incur a partial loss from the loss at theunderlying loan level.

The principal methodology used in this rating was "Updated:Moody's Approach to Rating CMBS Transactions in Japan" (June2010), published on September 30, 2010, and available onwww.moodys.co.jp.

Moody's did not receive or take into account any third party duediligence reports on the underlying assets or financialinstruments related to the monitoring of this transaction in thepast six months.

====================N E W Z E A L A N D====================

AORANGI SECURITIES: SFO Lays 50 Fraud Charges Against Hubbard-------------------------------------------------------------The Serious Fraud Office announced Monday that it has made adecision in relation to its investigation into the affairs ofAorangi Securities Ltd; Hubbard Management Funds; and ASLdirectors Allan and Margaret (Jean) Hubbard.

SFO Chief Executive, Adam Feeley, said, "After an exhaustiveinvestigation, we have concluded that there is sufficient evidenceto lay fraud charges against Mr. Hubbard."

Mr. Feeley said that fifty charges under sections 220, 242 and 260of the Crimes Act had been laid Monday in the District Court inTimaru.

The SFO said it did not intend to lay charges against any othercurrent or former director of ASL. Nor were any other chargesbeing contemplated by the other agencies involved with theinvestigations into ASL or HMF.

Mr. Feeley said, "We believe from the available evidence,Mr. Hubbard was effectively in sole control of both ASL and HMF atall relevant times."

Mr. Feeley said that the investigation had relied on assistancefrom the Securities Commission (and now the FMA) and the Registrarof Companies.

"We need to acknowledge the contribution from others to what hasbeen a very thorough and professional investigation."

Financial Markets Authority Chief Executive Sean Hughes said theFMA and the SFO have worked together closely throughout thisinvestigation, and the evidence on which the charges laid by theSFO are based could also give rise to charges by the FMA undersection 59 of the Securities Act.

However after careful consideration, both organizations aresatisfied that the charges laid by the SFO will address thismatter in a way that is proportionate, and that this matter ismore appropriately prosecuted by the SFO under the Crimes Act,without expenditure of additional public funds on a separateprosecution by the FMA.

"The FMA has therefore closed its investigation into this matter,and has offered the SFO any ongoing assistance which may berequired," Mr. Hughes said.

Mr. Feeley said that there were aspects of the case whichchallenged the conventional concepts of serious fraud.

"Whatever the public may think, in considering whether seriousfraud has been committed, the motives or lifestyle of an allegedoffender are ultimately irrelevant. We have to consider matterssuch as whether deceit has occurred; the losses caused by thatthat deceit; and whether the facts meet the prescribed elements ofone or more criminal offences."

Mr. Feeley said that prior to making a decision to lay charges theSFO gave very careful consideration to the Solicitor General'sProsecution Guidelines, including the issue of whether aprosecution was in the public interest.

"The decision to charge has been reached only after extensiveanalysis of the evidence, as well as discussions with seniorprosecution counsel, including the Crown Solicitors and the SFOPanel Counsel," he said.

"Throughout the investigation we have been aware of the level ofpublic interest in, and support for, Mr. Hubbard, and the issuesof Mr. Hubbard's age and health which have been raised by hislawyers."

"However, we also have to consider the interests of justice andthe interests of the investors relative to the evidence we haveobtained during our inquiries."

"We are satisfied that, on balance, there is strong publicinterest in having this matter put before the Court, and anyissues regarding fitness to stand trial will be matters for theCourt to adjudicate on."

Hubbard "Strenuously" Denies Fraud charges

BusinessDesk reports that Timaru businessman Allan Hubbard"strenuously" denies 50 charges laid under the Crimes Act inrelation to his activities at Aorangi Securities or HubbardManagement Funds, according to a statement from his lawyer.

"The charges are strenuously denied by Mr. Hubbard," BusinessDeskquotes Russell McVeagh's Mike Heron, who is acting forMr. Hubbard, as saying. "They mark the end of a process which, inour view, has been fundamentally unfair and amounts to a clearbreach of Mr. Hubbard's rights."

BusinessDesk relates that Mr. Heron said Mr. Hubbard will file anapplication to stop the prosecution "at the appropriate stage."

Mr. Heron said he hadn't yet received a copy of the charges and sohasn't had the opportunity to consider them.

"We understand that consistent with Mr. Hubbard's position allalong, the SFO is not alleging he has stolen any money nor that hehas benefitted personally," Mr. Heron said in his statement.

About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solelycontrolled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trustswere placed into statutory management, and Allan and Jean Hubbardwere also placed into statutory management as "associated persons"of those entities. The seven charitable trusts included in thestatutory management are Te Tua, Otipua, Oxford, Regent, Morgan,Benmore and Wai-iti. Trevor Thornton and Richard Simpson of GrantThornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were alsoput into statutory management in September 2010 on recommendationfrom the Securities Commission. Hubbard Churcher Trust Managementand Forresters Nominees Company were also added to the list ofbusinesses under management by Trevor Thorton, Richard Simpson andGraeme McGlinn on September 20, 2010.

The Troubled Company Reporter-Asia Pacific reported on May 12,2011, that the Hubbards filed judicial review proceedings at theTimaru High Court challenging the decision to place them intostatutory management and seeking orders that they be removed fromstatutory management.

CRAFAR FARMS: OIO Decision on Shanghai Pengxin Bid Delayed----------------------------------------------------------The New Zealand Herald reports that Shanghai Pengxin InternationalGroup, the latest overseas bidder for the Crafar family's dairyempire, will have to wait longer to hear whether it has doneenough to persuade the Overseas Investment Office that it has mettough new foreign ownership rules.

The NZ Herald recalls that Shanghai Pengxin agreed to pay morethan NZ$200 million for the 16 farms in January, after a bid byNatural Dairy was knocked back because its directors andfrontwoman May Wang failed the "good character test". That saleis subject to government approval.

According to the report, Pengxin said it planned to establish afull-owned subsidiary, Milk New Zealand Farming Limited, to runthe 8,000 hectare farms and would work with New Zealand processorsto manufacture and export a range of 'dairy based products' formarketing in Asia.

Pengxin said it would spend NZ$100 million on marketing in thefirst five years and aim to lift the farms' production by morethan 10% by the end of the third year, the report notes.

The NZ Herald says new foreign investment rules mean the OverseasInvestment Office must now also assess each application againstmore criteria, but OIO manager Annelies McClure said this was notthe reason for the delay.

The OIO, as cited by the NZ Herald, said it was continuing toassess the company's application, but that the sheer number ofproperties involved in the transaction meant a decision could besome time away.

"The OIO cannot be specific in terms of when a decision will bemade, however a decision is unlikely to be made before June 24,"the OIO said. "The application for consent from Milk New ZealandHolding Limited (a 100% owned subsidiary of Shanghai Pengxin GroupCo. Ltd) is complex because of the number of properties thecompany proposes acquiring."

About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,runs about 20,000 milking cows, and carries about 10,000 of otherstock. The company employed 200 staff.

Crafar Farms was placed in receivership in October 2009, by itslenders Westpac Banking Corp., Rabobank Groep and PGG WrightsonFinance. The banks, owed around NZ$200 million, put KordaMenthapartners Michael Stiassny and Brendon Gibson in as receivers afterCrafar Farms breached covenants on its loans.

The New Zealand Herald said CraFarms' banks have been working withthe Ministry of Agriculture and Forestry, Federated Farmers andFonterra to ease the Crafars out of their business. This followsmultiple convictions for environmental lapses and animal neglectin recent years and the revelation on September 28, 2009, frominterest.co.nz of animal neglect on one of its large farms in theKing Country near Benneydale.

DOMINION FINANCE: No Prospect of Payout for Unsecured Creditors---------------------------------------------------------------BusinessDay.co.nz reports that prospects of any returns forunsecured creditors owed NZ$556,000 from Dominion Finance Groupremain dismal, according to the latest liquidators' report, andit's not so great for secured creditors either.

McGrathNicol liquidator William Black in his six-monthly statutoryreport this month said little had changed with receivers Deloittecontrolling all assets including Dominion's loan book. In theirmost recent report in September last year, the receivers said theyexpect to distribute between 10 cents and 25 cents in the dollarto debentureholders over time.

"They have also re-confirmed that given the shortfall to securedcreditors, they do not expect there to be any surplus fundsavailable to meet the claims of Dominion's unsecured creditors,"BusinessDay.co.nz quotes Mr. Black as saying.

BusinessDay.co.nz says Dominion is said to have breached its trustdeed by suspending repayments of principal and interest todebenture holders in June 2008. The group looked at a moratoriumwhile it wound down the loan book but the trustee, PerpetualTrust, decided receivership was more appropriate for debentureholders. A NZ$5.6 million distribution was made to debentureholders last year and receivers hoped more could be paid thisyear. Total distributions as of the last report totalled NZ$16million.

BusinessDay.co.nz notes McGrathNicol would review the position insix months.

About Dominion Finance

Based in Auckland, New Zealand, Dominion Finance HoldingsLimited (DFH:NZX) -- http://www.dominionfinance.co.nz/--engages in the provision of financial services through the raising ofdebenture stock. The company operates through its wholly ownedsubsidiaries Dominion Finance Group Limited and North SouthFinance Limited, and investment vehicle Dominion Investment FundLimited. Both Dominion Finance Group Limited and North SouthFinance Limited accept debenture stock investments and applythem (in conjunction with its own funds) towards the provisionof certain loans and other financial accommodation.

Dominion Finance was put into receivership in September 2008 owingabout NZ$176.9 million to more than 5,900 investors. It was putinto liquidation by the High Court at Auckland in May 2009.Associate Judge Faire appointed William Black and Andrew Grenfellof McGrathNicol as liquidators of the firm. Receiver RodPartington of Deloitte said the liquidation application will notaffect the progress of the receivership.

The SFO said the initial investigation has found insufficientevidence of fraud to warrant the use of its full investigativepowers under Part 2 of the Serious Fraud Office Act.

SFO Chief Executive Adam Feeley said, "The allegations againstMutual Finance and its associated companies do not currentlyidentify sufficient evidence of fraud. However, some informationdiscovered has raised concerns which we believe are bestconsidered by the Financial Markets Authority (FMA)."

Mr. Feeley said that the SFO would consider reopening theinvestigation if further evidence came to light, and in themeantime it would give the FMA whatever assistance it could.

About Mutual Finance

Mutual Finance Ltd. is an Auckland-based financial institutionwith around 400 depositors and approximately NZ$8 million inguaranteed deposits.

The finance company said it had been in technical breach of one ofits covenants and its trustee, Covenant Trustee, had deemed therewas a risk of a "cash flow mismatch" between the timing of assetsales and payments to depositors.

The SFO commenced its investigation into Mutual Finance inDecember 2010 following information passed on by the company'sreceiver, the Ministry of Economic Development and the SecuritiesCommission (now FMA).

SIGNATURE HOMES: Hawke's Bay Franchisee Goes Into Liquidation-------------------------------------------------------------Patrick O'Sullivan at Hawke's Bay Today reports that one of theHawke's Bay franchises of Signature Homes has gone intoliquidation after allegations of theft and fraud.

According to the report, Signature Homes chief executive PhillipHowe said the five Signature Homes Hawke's Bay (SHHB) homes underconstruction would be completed under the terms of SignatureHomes' Home Completion Guarantee.

"While significant management resource has been provided to SHHBover the last year or so and hundreds of thousands of dollars putinto the business, the continuing depressed housing market makesit too difficult for SHHB to be able to trade its way out of thesituation it is in," the report quotes Mr. Howe as saying.

The owner of Clive-based SHHB was also Signature Homes Ltd ownerGavin Hunt, who took over the franchise when it ran intodifficulty five years ago.

"My wife and I spent hundred of thousands of our own money to payoff subbies and show our commitment to the region," Mr. Hunt said.Hawke's Bay Today relates that Mr. Howe alleged a large amount oftheft and fraud had come to light recently and an investigationwas continuing. "This has played a major role in the currentsituation the business finds itself in, sucking out several tensof thousands of dollars of funds at a time when the financialhealth of the business was in reasonable shape," he said. "Inhindsight, this was the catalyst for the downhill slide thateventuated."

"These funds being taken from the business, along with the record-low state of the housing market, has made it very difficult forthe business to re-gather some momentum and trade its way back,"Mr. Hunt added.

The Auckland firm of Meltzer Mason Heath had been appointed tomanage creditors and oversee clients' homes under construction,Hawke's Bay Today discloses.

According to Hawke's Bay Today, Liquidator Lloyd Hayward said hewas in a position to recover creditors' funds and would not say ifcharges had been laid or what was owing. The other Hawke's BaySignature Homes franchisee, Frimley Homes, is not related to SHHBand continues to operate successfully, the report notes.

Only 23 consents for new homes were issued in April for Hawke'sBay, down from 80 at the same time last year. The value ofApril's 23 consents was $6 million, compared with $18 million forApril 2010.

WESTERN PACIFIC: Insurance Council Rejects Firm's Membership------------------------------------------------------------Simon Hartley at Otago Daily Times reports that Western PacificInsurance, owing more than $40 million at present, was rejectedfor membership of the Insurance Council of New Zealand.

The reasons are not being disclosed by the Insurance Council ofNew Zealand (ICNZ's) chief executive Chris Ryan, the report says.

"Western did apply for membership, about two or three years ago,but it was the insurance council's view that they shouldn't be amember . . . I won't go into the reasons why," Mr. Ryan told OtagoDaily.

Industry insiders, who spoke on condition of anonymity, said theyhave been "surprised" and "astounded" from liquidators' recentreports that the boutique Western Pacific had worldwide exposureto insurances valued at more than NZ$10 billion.

"No-one was aware of the multinational connections Western hadbeen making," one source said of the firm's business beinggenerated in places such as Chile, Vanuatu, Abu Dhabi and numerousPacific Island countries, according to Otago Daily.

Otago Daily relates that findings by liquidators Grant Thorntonhave noted Western Pacific accepted risks "outside the scope ofits reinsurance policies" and "in some instances premiums were toolow", with industry insiders claiming premiums offered were"undercut" by up to 50% and "handling fees" were subsequentlycharged by brokers to clients to make up the percentage of incomelost from the low premiums.

David Ruscoe and Simon Thorn of Grant Thornton New Zealand wereappointed liquidators of Western Pacific on April 1, 2011, afterWestern Pacific's directors became concerned about the solvency oftheir company. Western Pacific owes creditors an initialestimated NZ$3.8 million and has NZ$1.9 million of unsettledinsurance claims, according to first liquidators report obtainedby The National Business Review.

However, because of its exposure to the Christchurch quakes inSeptember and February, Otago Daily relates, that exposure hassince leapt to more than NZ$41 million, liquidators Grant Thorntonestimated.

While possibly NZ$32 million can be recovered through WesternPacific's reinsurers, industry insiders were astounded to learnfrom liquidators its total sums insured were valued at NZ$10.25billion across all its insurance policy types around the world,Otago Daily discloses.

About Western Pacific

Western Pacific Insurance is a New Zealand-owned and operatedinsurance company. It was established in April 2005, and isprincipally a broker brand that offers a broad range ofcommercial, domestic and specialty products as well as programmesfor affinity groups, underwriting agents and preferred brokers.It has about 7,000 policy holders in New Zealand.

=================S I N G A P O R E=================

BYTE-TREK TECHNOLOGIES: Court to Hear Wind-Up Petition July 1-------------------------------------------------------------A petition to wind up the operations of Byte-Trek Technologies PteLtd will be heard before the High Court of Singapore on July 1,2011, at 10:00 a.m.

Amicorp International Limited filed the petition against thecompany on June 8, 2011.

EMP-DAIWA CAPITAL: Creditors' Proofs of Debt Due July 18--------------------------------------------------------Creditors of Emp-Daiwa Capital Asia (Singapore) Pte Ltd, which isin members' voluntary liquidation, are required to file theirproofs of debt by July 18, 2011, to be included in the company'sdividend distribution.

JS ENGINEERING: Court to Hear Wind-Up Petition July 1-----------------------------------------------------A petition to wind up the operations of JS Engineering IndustriesPte Ltd will be heard before the High Court of Singapore onJuly 1, 2011, at 10:00 a.m.

Dai-Dan Co., Ltd filed the petition against the company on June 9,2011.

KVAERNER JOHN: Creditors' Proofs of Debt Due July 18---------------------------------------------------Creditors of Kvaerner John Brown Pte Limited, which is in members'voluntary liquidation, are required to file their proofs of debtby July 18, 2011, to be included in the company's dividenddistribution.

KVAERNER PTE: Creditors' Proofs of Debt Due July 18---------------------------------------------------Creditors of Kvaerner Pte Ltd, which is in members' voluntaryliquidation, are required to file their proofs of debt by July 18,2011, to be included in the company's dividend distribution.

ONG NOMINEES: Creditors' Proofs of Debt Due July 17---------------------------------------------------Creditors of Ong Nominees Private Limited, which is in members'voluntary liquidation, are required to file their proofs of debtby July 17, 2011, to be included in the company's dividenddistribution.

ORIENTAL GLOBAL: Court to Hear Wind-Up Petition July 1------------------------------------------------------A petition to wind up the operations of Oriental Global ShippingPte Ltd will be heard before the High Court of Singapore onJuly 1, 2011, at 10:00 a.m.

PACIFIC KING: Creditors' Meetings Set June 28---------------------------------------------Pacific King Shipping Holding Pte Ltd, which is in compulsoryliquidation, will hold a meeting for its creditors on June 28,2011, at 3:00 p.m., at 8 Robinson Road #11-00 ASO BuildingSingapore 048544.

PARADIZ INVESTMENTS: Creditors' Proofs of Debt Due July 15-----------------------------------------------------------Creditors of Paradiz Investments Pte Ltd, which is in members'voluntary liquidation, are required to file their proofs of debtby July 15, 2011, to be included in the company's dividenddistribution.

"The upgrade reflects Saizen's improved liquidity and creditprofile following its full repayment of the defaulted CMBS loan ofYK Shintoku on May 31, 2011. At the same time, the uncertaintiesassociated with the defaulted loan, which include the possibilityof property foreclosure, are removed," says Alvin Tan, a Moody'sAnalyst.

"After the repayment of the defaulted loan, Saizen's financialflexibility has improved, given the release of properties under YKShintoku from encumbrance and the fall in gearing. Its interestcoverage ratio will also improve with the lower effective interestcosts, as the 7.07% per annum interest charged on the defaultedloan was much higher than the rates on its other loans," says Mr.Tan.

Currently, Saizen has unencumbered properties amounting to JPY14.9billion, with its value of unencumbered properties to totalproperties estimated at approximately 42%, an improvement from 30%as of June 30, 2010. At the same time, its Debt/Total Assetsimproved to 24% after the repayment of the defaulted debt, from37% as of end-June 2010.

"Over the past year, the trust had made progress in establishingnew banking relationships by securing new bank loans and extendingits debt maturity profile. After the settlement of the defaultedYK Shintoku loan, the next material debt repayment ofJPY5.6 billion will only be due in June 2013," Mr. Tan adds.

Concerns over the impact of the March 2011 earthquake and tsunamion Saizen have largely dissipated, with the trust announcing thatall the 28 affected properties appear to have sustained only minordamage. Furthermore, the overall occupancy for the trust remainedstable at 91.1% as of April 30, 2011.

The B1 rating further reflects its moderate franchise, the absenceof a sponsor, and its small operating scale, which restricted itsbanking relationships and funding access during the economicdownturn. It also reflects the history of default at YK Shintoku.

The stable outlook reflects Saizen's improved liquidity and theabsence of material refinancing needs in the next two years.

Saizen may experience upward pressure if it (1) furtherdemonstrates a sustained track record in managing its businessgrowth with a prudent mix of long-term debt and equity financing;(2) substantially strengthens its business scale; and (3) improveson its financial flexibility by broadening its bankingrelationships and increasing the level of unencumbered assets inits portfolio.

The rating may experience downward pressure if (1) the operatingenvironment in Japan deteriorates, such that it suffers highvacancy rates and a decline in operating cash flows from rent; (2)further acquisitions are made without committed funding in place;(3) a more aggressive growth policy is undertaken to fund newinvestments; and (4) there is a material decline in the value ofits assets, and which substantially impairs the asset coveragepositions of lenders.

Such pressure may be evidenced by Debt/EBITDA exceeding 8-10x,Debt/Total Assets above 40-45%, and EBITDA/interest coverage below2.5-3x on a consistent basis.

The principal methodology used in this rating was Moody's Approachfor REITs and Other Commercial Property Firms published in July2010.

Saizen REIT is a Singapore-based REIT investing in Japaneseregional residential properties. It listed on the Singapore StockExchange in November 2007. It currently has a portfolio of 131properties, primarily for residential purposes, in over 13regional cities in Japan, and a total property asset value ofJPY34.9 billion (S$528.8 million). Sapporo is the largestcontributor to the trust's revenue by location, representing 25.8%of revenue, followed by Kumamoto (17.0%), and Hiroshima (14.9%).

===============X X X X X X X X===============

* BOND PRICING: For the Week June 13 to June 17, 2011-----------------------------------------------------

Tuesday's edition of the TCR-AP delivers a list of indicativeprices for bond issues that reportedly trade well below par.Prices are obtained by TCR-AP editors from a variety of outsidesources during the prior week we think are reliable. Thosesources may not, however, be complete or accurate. The TuesdayBond Pricing table is compiled on the Friday prior topublication. Prices reported are not intended to reflect actualtrades. Prices for actual trades are probably different. Ourobjective is to share information, not make markets in publiclytraded securities. Nothing in the TCR-AP constitutes an offeror solicitation to buy or sell any security of any kind. It islikely that some entity affiliated with a TCR-AP editor holdssome position in the issuers' public debt and equity securitiesabout which we report.

A list of Meetings, Conferences and Seminars appears in eachWednesday's edition of the TCR-AP. Submissions about insolvency-related conferences are encouraged. Send announcements toconferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies withinsolvent balance sheets obtained by our editors based on thelatest balance sheets publicly available a day prior topublication. At first glance, this list may look like thedefinitive compilation of stocks that are ideal to sell short.Don't be fooled. Assets, for example, reported at historicalcost net of depreciation may understate the true value of afirm's assets. A company may establish reserves on its balancesheet for liabilities that may never materialize. The prices atwhich equity securities trade in public market are determined bymore than a balance sheet solvency test.

This material is copyrighted and any commercial use, resale orpublication in any form (including e-mail forwarding,electronic re-mailing and photocopying) is strictly prohibitedwithout prior written permission of the publishers.Information contained herein is obtained from sources believedto be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the samefirm for the term of the initial subscription or balancethereof are US$25 each. For subscription information, contactChristopher Beard at 240/629-3300.